Financial Wellness in the U.S.

By Reagan Bonlie
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I’ve had a few HEAVY realizations ever since I stepped away from my wealth management career.

For 12 years, I helped families who were fortunate enough to be able to save money aggressively toward their goals.

Meanwhile, I unintentionally swept some pretty big problems under the rug…


• Today, 63% of Americans are living paycheck to paycheck, and more than 50% don’t have enough saved for retirement.

• The wealth gap between white and minority families continues to widen. The average white family is currently worth about 7 times more than minority families.

• Schwab suggests that only 33% of Americans have a financial plan, and the FPA says minorities are underrepresented here, as only 12% of Hispanic and 21% of Black families have a plan. (I think the true numbers are a lot less)

I’ve had many sleepless nights thinking about my own loved ones in this situation. You probably have many people close to you that are financially unwell, but it might not be easily spotted.

What do we see as the solution that balances the scales?

Can the small financial advisor population alone sufficiently improve financial behaviors in America? Will a fintech rise to the challenge and help advisors improve the scale of financial advice to underserved communities? Will we ever see a concerted effort toward effective financial education in schools? Will the shift to DIY solutions and self-driving money deliver enough financial wellness?

My bet: Self-Driving Money

More on that later…